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TOP FOREX BROKERS REVIEW

THE INTERNET'S MOST COMPREHENSIVE LIST OF ONLINE FOREX BROKERS AND FOREX REVIEWS. 

Forex Brokers by Country, Best Forex Broker in the World

The craze for forex trading has now become a global phenomenon. Due to the improvements in technology, the wide availability of tables and mobile devices, more people are getting interested in forex. Therefore, the demand for the best forex broker in the world is skyrocketing. Furthermore, the surge of different social media activity is also driving more traffic. As a result, we see around $6.6 trillion transactions every day in forex. We have made a comprehensive top forex brokers list in the world that will provide you all the necessary information you need. Our expert team have created forex brokers by country list to guide you.

However, forex trading is not legal in all the countries in the world, and there are some countries where you cannot trade retail forex at all. Some traders may also face difficulties even if the country allows forex trading. It all depends on the broker. That is why knowledge of forex brokers by country is necessary to find the best forex broker for your trading activity.

This article will guide you to find the forex broker list by country, criteria to choose them, broker types and many more. Besides, you will find the top forex brokers list from different countries.

The Best Forex Broker in the World by Country

Finding the best forex broker in the world in a market that averages about $6 trillion every day is difficult. It is easy to find top forex brokers list from a lot of scammers who want to take advantage of anyone who might want to get into the forex markets. The forex market has no central marketplace. Decentralization makes it easy for people to do pretty much whatever they want.

However, in recent years, regulatory societies stand guard and try as much as they can to thwart scam attempts.

We prepared these lists to help anyone who might not have a clue what to do, find the best forex brokers in your country. These top forex brokers list help point you as the trader in the right direction so you can find the right broker for you

As with anything else, when we compile lists for the best forex brokers in your country, we do a lot of research.

We will briefly get into the details of how we identify the best forex brokers in the world. The process is very important and stringent to make sure that the information you get is reliable.

So, strap in and let’s look at the criterion a company has to meet to make it to the top forex brokers list.

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Best Forex Broker in the World By Country 2021

Afghanistan Brokers Albania FX Brokers Armenia FX Brokers Angola FX Brokers Argentina Brokers
Austria FX Brokers Australia FX Brokers Azerbaijan Forex Brokers Algeria Forex Brokers Barbados FX Brokers
Bangladeshi Brokers Belgium FX Brokers Burkina Faso Brokers Bulgaria Forex Brokers Bahrain FX Brokers
Benin FX BrokersBolivia FX Brokers Brazil Forex Brokers Bahamas Forex Brokers Bhutan FX Brokers
Belarus FX BrokersBelize FX Brokers Bosnia Forex Brokers Burundi Forex Brokers Brunei FX Brokers
Botswana FX BrokersBVI FX Brokers Canada Forex Brokers Chile Forex Brokers Cameroon FX Brokers
China FX BrokersColombia Brokers Costa Rica Forex Brokers Cuba Forex Brokers Cyprus FX Brokers
Cambodia FX BrokersCroatia FX Brokers Congo Forex Brokers DR Congo Brokers Central African Brokers
Cote Divoire BrokersCzech Brokers Cape Verde Brokers Denmark Forex Brokers Djibouti FX Brokers
Dominican BrokersEcuador FX Brokers Egypt Forex Brokers Estonia Forex Brokers Eritrea FX Brokers
Ethiopia FX BrokersFinland FX Brokers Fiji Forex Brokers French Forex Brokers Ghana FX Brokers
Gambia FX BrokersGreece FX Brokers Guatemala Forex Brokers Guyana Forex Brokers Germany FX Brokers
Gabon FX BrokersGeorgia FX Brokers Equatorial Brokers Guinea Forex Brokers Guinea Bissau Brokers
Honduras FX BrokersHaiti FX Brokers Hungary Forex Brokers Indonesia Forex Brokers Ireland FX Brokers
Israel FX Brokers India FX Brokers Iraq Forex Brokers Iran Forex Brokers Iceland FX Brokers
Italy FX BrokersJamaica FX Brokers Jordan Forex Brokers Kenya Forex Brokers Kyrgyzstan FX Brokers
Kuwait FX BrokersKazakhstan Brokers Kurdistan Forex Brokers Kosovo Forex Brokers Lebanon FX Brokers
Liberia FX Brokers Libya FX Brokers Laos Forex Brokers Lesotho Forex Brokers Lithuania FX Brokers
Morocco FX BrokersMoldova FX Brokers Madagascar FX Brokers Mali Forex Brokers Myanmar FX Brokers
Mongolia FX BrokersMauritius BrokersMaldives FX BrokersMalawi FX BrokersMexico FX Brokers
Malaysia FX BrokersMontenegro Brokers Macedonia Forex Brokers Mauritania Forex Brokers Malta FX Brokers
Mozambique FX BrokersNamibia FX Brokers Niger Forex Brokers Nigeria Forex Brokers Netherlands Brokers
Norway FX BrokersNepal FX Brokers New Zealand Brokers Nicaragua Forex Brokers Oman FX Brokers
Panama FX BrokersPeru FX Brokers Papua Guinea Brokers Philippines Brokers Pakistan FX Brokers
Poland FX BrokersPalestine FX Brokers Portugal Forex Brokers Paraguay Forex Brokers Puerto Rico Brokers
Qatar FX BrokersRomania FX Brokers Russia Forex Brokers Rwanda Forex Brokers Serbia FX Brokers
Saudi Arabia BrokersSolomon FX Brokers Sudan Forex Brokers Sweden Forex Brokers Samoa FX Brokers
Singapore FX BrokersSlovenia FX Brokers Slovakia Forex Brokers Sierra Leone Brokers Senegal FX Brokers
Somalia FX BrokersSuriname FX Brokers South Sudan Brokers Syria Forex Brokers Swaziland FX Brokers
Spain FX BrokersSri Lanka FX Brokers South Africa Brokers Switzerland Forex Brokers El Salvador Brokers
Togo FX BrokersThailand FX Brokers Tajikistan Forex Brokers Turkmenistan Brokers Tunisia FX Brokers
Trinidad and TobagoTaiwan FX Brokers East Timor Brokers Tanzania Forex Brokers Ukraine FX Brokers
Uganda FX BrokersUS FX Brokers Uruguay Forex Brokers Uzbekistan Forex Brokers UK FX Brokers
UAE FX BrokersVenezuela FX Brokers Vietnam Forex Brokers Vanuatu Forex Brokers ST Vincent Brokers
Yemen FX Brokers Zambia FX Brokers Zimbabwe Forex Brokers

Criteria for Finding the Best Forex Brokers in the World 

When you go trading, you will get to find hundreds of forex brokers from different countries. But it becomes difficult to select the right one that can get you the ultimate benefit. Hence, it is highly essential to understand the criteria to choose the best forex trading platform in the world.

Some traders may have a certain preference while chasing for the broker. In that case, you can check our forex broker reviews. Before that, you need to have the knowledge of the criteria that are needed to have in the best broker. So, what are those principles? Read on to know them as we have explained those below.

Because of the complexity of the retail forex market and how competitive it gets, sifting through the scams to find the best forex brokers in your country can be a headache. However, there is a simple way to know if we can trust a company.

You can use our lists or, if you go solo, you can use this criterion to identify a forex broker that you can trust.

Regulations and Security

You will be working with real money while trading with any broker. Thus, the safety of your money should be the top priority. Besides, you must be looking for long-term trading, perhaps revolve your career around that. That being said, finding the best forex broker in the world, as well as the broker's validity, is also necessary. Before choosing the broker, you should check the regulations of the broker. There are multiple regulatory bodies available depending on the location. So, you will need to verify according to the best countries for forex trading. We have listed all the regulatory bodies in the world later in this article.

For security, you can look if the broker offers negative balance protection and segregated accounts for the traders. These two things keep your money secure, especially if you are a retail investor. Some top forex brokers list may offer more security through insurance such as ICF in the UK and Europe. Nevertheless, you should check the locally regulated broker for maximum safety.

The Best Forex Brokers Provide Security

The best forex brokers in the world are the best because of security. Security is the foremost thing you should look for, if you want to find the best forex brokers in your country. You will not hand over your money to someone who claims to be running a legit business.

There has to be some proof that they are who they say they are. To check the credibility and determine that who you have met is someone worthy of appearing on the top forex brokers list, go to a regulatory agency website.

There are several agencies around the world which separate the fraudulent brokers from the best forex brokers in your country.

Examples of agencies include:

They are everywhere. Make a point of checking with them to determine the claims of a broker.

Account Types

When you head to sign up with one of the top forex brokers in the world, you will certainly find forex brokers account types. However, all the accounts will not be the same, and you will need to know the details of the account types.

Mainly, the accounts are divided into two types: demo account and real account. You can start with the demo account as there is no risk associated with it. Whenever you get acquainted with that, you may proceed with the real trading account.

The real account comes in different types, such as, cent, micro and standard. Beginners can start with the cent or the micro accounts with the best forex broker in the world. After getting some experience, they can move to the standard account. While the mini or micro accounts may get you a low profit, the profitability in the standard account is higher.

Furthermore, the Islamic traders will also have the option to have a different type of account that complies with the religion. Usually, the Muslims don't trade with an account that has interests in it. So, they can now trade with the Islamic forex trading accounts.

Account Cost

Some costs may incur while opening an online trading account for the first time, but it depends on the broker and regulatory body. Usually, the biggest forex brokers in the world don't ask for a fee to open an account. Alternatively, some brokers may offer a bonus to open the account. But, if you are in the EU, brokers cannot offer any kind of bonuses because of the regulatory requirements.

Therefore, it would be great if you know the cost before opening an account.

Trading Cost

Even the best forex broker in the world will impose some cost on trading. Usually, trading costs are incurred in the form of fixed or variable spreads. Among these two, variable spreads are commonly used by brokers. Further, some brokers may also charge a commission per lot. Usually, top forex brokers list offers below 1 pip spreads on the major instruments such as EUR/USD. The low spreads forex brokers normally offer the lowest spreads sometimes; it can be 0 pips.

Apart from the spreads, you may see another trading cost as well, for example, interest rates. Besides, the rollover fee can be another cost you may face while trading overnight positions. However, it is different in the Islamic forex account. But Islamic accounts will impose different fees to cover the interest rates or the rollover fees. Hence, we will suggest knowing the fees beforehand.

Transaction Costs By The Best Forex Brokers Are Fair

Every single one of the best forex brokers in the world has transparency for transaction fees. Every trader working with the top forex brokers in any country will have to pay these fees. However, you need not pay more than you should.

As any of the companies on the top forex brokers list will tell you, the transaction fees are payable in two ways:

  • The Spread
  • A commission

The second thing to do when looking for the best forex brokers in your country, is to check their transaction rates. Always look for the cheapest one. However, do not sacrifice finding the top forex broker suitable for you in search of low transaction rates.

Check to see if you will need tight spreads for the trading you will engage in and review the options provided. Find the balance between security and low transaction costs when looking for the best brokers in the world to use

Trading Features

When you are trading with the best forex trading platform in the world, you will surely have a range of trading features to boost your trading as well as the profit. Following are some of the top features you may come across

Execution Model

The execution model can be confusing for most of the newbies, even the experienced traders. It is because the model may vary among the forex brokers by country. But the first thing you have to keep in mind is that there are numerous execution methods.

Each of the methods is different. However, nowadays, most of the best forex broker in the world offer a hybrid method instead of relying on a single method of execution. It depends on the number of factors, terms and conditions.

When trade, you should understand that the dealing desk broker or the market makers contain their own internal market. On the other hand, the direct market access brokers can get you access to the international markets.

Other terms you may come across are ECN, which actively connects all the parties that are related to the ordering. ECN network does this through the electronic network with lightning-fast execution speed.

Another term you will face is STP. These brokers have the similarity to the DMA brokers, and those have 'no dealing desk.'

Trades Execution Are Fast

The best forex broker in the world build a reputation for telling the traders the best price for their orders. When the market conditions are normal, there is no reason for your broker not to offer this information to you, when you click the ‘Buy’ or ‘Sell’ button.

A few pips make the difference between a loss and profit. The companies on the top forex brokers list fill you in at or very close to the market price.

Trading Tools and Platforms 

Top forex brokers in the world will certainly offer you the best forex trading platform, such as MetaTrader 4, MetaTrader 5 and cTrader. However, some of the traders may also offer their own platform. But you will commonly find the MT4 or the MT5 in most of the best forex broker in the world. All these platforms offer desktop, web and mobile trading opportunities.

Then we have technical indicators, which are helpful to do the technical analysis and boost on different order types.

Best forex trading platform in the world will also offer numerous trading tools as well as technical indicators, which can ultimately aid for the technical analysis and order. Nevertheless, you will also get advanced charting tools for top-level analysis and eventually take the trading decision.

All these trading tools aim to fulfill a variety of trading needs as well as improve trading success.

The Trading Platform Is User-Friendly

Traders who do forex online have to use a trading platform like MetaTrader. Most of the top forex brokers use their own trading platform. They provide it to you so you can watch what is happening in the market.

The best forex brokers in your country should have a platform that is user friendly and stable for accuracy. Always use the demo accounts the top forex brokers offer to get familiar with the trading platform used so there are no surprises later when you sign up.

Leverage

The goal of leverage is to trade the higher volume without depositing a hefty amount of money. That being said, the top forex brokers in the world will work on setting the maximum leverage required by the regulators.

However, the leverage amount depends on the dependence on the regulatory bodies. For instance, ASIC, EU and UK regulatory bodies allow a maximum 30:1 leverage for the retail traders while it is 400:1 for the professional traders. But if you live or stay outside of these areas, you can avail the maximum leverage of 400:1, which can stretch up to 3000:1. If you get such an offer from any broker, you should check the regulation status of the broker via the proper regulatory authority.

Available Markets

Usually, the FX brokers are multi-asset brokers. They aim to cater to different currencies, such as "major, minor and exotic" currency pairs. Apart from the FX pairs, they also tend to offer CFD stocks. Moreover, some brokers may also offer real stocks other than the CFDs. Currently, most of the brokers offer indices, commodities, cryptos, bonds and more.

So, make sure the broker offers your intended markets.

Deposits and Withdrawals Are Easy

When you are working the best forex brokers in your country, deposits and withdrawals should be easy to perform. The best forex brokers in the world make it easy for traders to withdraw profits made immediately after a request.

The only reason a broker holds your money is to make trade easier. With a broker, there is no reason why you should have a hard time getting the profits you have earned. Companies on the top forex brokers list, make sure that everyone gets their money quickly.

Customer Service Is Reliable

Always make sure that the broker you hire is easy to reach. Contact is very important because sometimes, they are not perfect. You should have an easy way to reach the broker any time that you need anything that you know they should be in charge of.

The brokers you meet might be friendly and helpful when you are joining the market, but they usually become terrible at support. After they make the sale, even some of the best forex brokers become kind of hard to reach.

Now, you have the vital information about what you will need to do to find the best ones.

Best Forex Brokers List by Country: Trusted & Regulated

CountryDetailsVisit List
In Australia, trading currencies is a popular option for international traders and the residents. You will find some of the top forex brokers in Australia are some of the best forex brokers in the world. On the top forex brokers list, you will find the best forex brokers in Australia include popular names like;Read MoreAustralia
Finding the best forex broker in the world in a country like Bangladesh is fairly easy when you know where to look. Like in many countries, the best forex brokers in Bangladesh abide by regulations. However, it is commonplace to find scams that pose as being on the top forex brokers list. Read MoreBangladesh
The best forex brokers in Canada often offer limited trading capabilities. However, some of the best forex brokers in the world, give you the full range. They operate in the Great White North and have a reputation by being the top forex brokers in Canada. Read MoreCanada
Some of the best forex brokers in the world operate in Egypt. When compiling the top forex brokers list, we take into consideration trader rating and market share. The best forex brokers in Egypt have an option for Arab speaking traders. This means that the support of these top forex brokers in Egypt speaks Arabic and offers the services in the language.Read MoreEgypt
It makes sense that the best forex brokers in the world would be in Germany. This country is the core participant that gives strength to the Euro. The best forex brokers in Germany are probably familiar to you. On the top forex brokers list for Germany, you will find names like: Read MoreGermany
As one of the fastest growing countries in the South East Asia region, you would expect to find the best forex brokers in the world operating here. Indonesia’s forex scene is one of the most active in the region. The top forex brokers list includes impressive names of various brokers from around the world. Read MoreIndonesia
In large cities like Hyderabad, New Delhi, Tamil Nadu and Chennai, you will find the best forex brokers in the world. India has grown into an economy that depends a lot on technological growth. This has led to booming business for the top forex brokers in India, as more people join. Read MoreIndia
Forex trading is popular among the residents of Malaysia and some of the best forex brokers in the world operate there. Usually, to make it to the top forex brokers list, a company needs to have a good reputation. A reputation is important for any of the top forex brokers in Malaysia. Read MoreMalaysia
When in New Zealand, you will find the best forex brokers in the world operate here too. There are, however, some regulations which control the best forex brokers in New Zealand. You will need to know of more than just who is on the top forex brokers list. Read MoreNew Zealand
Regulations of the best forex brokers in Philippines are lax. For that reason, residents interested in find the top forex brokers in the Philippines should use caution when finding who to work with. Read MorePhilippines
Many of the best forex brokers in the world trade with the Pakistani rupee when the occasion calls for it. Thought it may not be a common among the central banks or even in the top 35 currencies, the best forex brokers in Pakistan know you have more options. Read MorePakistan
Forex trading is very popular in Russia with very prominent names on the top forex brokers list. The best forex brokers in Russia are of Russian origin. Very few of the top forex brokers in Russia operate there legally. Read MoreRussia
Unlike Indonesia where forex trading is illegal, the top forex brokers in Singapore thrive. Singaporeans can trade with any of the top forex brokers in Singapore that they want. As always, in a market that is teeming with the best forex brokers in the world, always make sure to do your due diligence before you sign up. Read MoreSingapore
As one of the most developed countries in the world, South Africa enjoys the services of some of the best forex brokers in the world. On the top forex brokers list, you will find a lot of companies with good reputations. Read MoreSouth Africa
Some of the best forex brokers in the world do some of their best work in Switzerland. Any time anyone mentions, you immediately think chocolate, the Alps and money. Switzerland has some of the best brokers on the top forex brokers list and is a symbol of prosperity. Read MoreSwitzerland
Thailand may not be a major forex hub but it has some of the best forex brokers in the world operating there. The customer base is continually expanding and it is not easy to find some of the best forex brokers in Thailand who may serve you well. Read MoreThailand
If you are a resident of the USA trying to get in on the trade, you will find that you have very limited options of the people you can work with on the top forex brokers list. The best forex brokers operate all over the world but that is not easy in the USA. Read MoreUSA
The UAE has some of the best forex brokers in the world. It is a booming economy with tremendous access to technology. The income levels are high and someone is always looking for the top forex brokers in UAE to make more money. Read MoreUAE
Over the years, Vietnam has grown to be one of the most vibrant and attractive economies in the world, making it a destination for the best forex brokers in the world. Most of the big names on the top forex brokers list operate here. Read MoreVietnam
The UK is one of the leading countries in producing some of the best forex brokers in the world. They have the best forex regulations and excellent reputations. The top forex brokers in the UK are not hard to identify when you know where to look. Read MoreUK

Copy Trading, Social Trading and Other Features

Nowadays, almost all the best forex broker in the world offers social trading and copy trading to make the trading easier for the newbies or the inexperienced traders. With these offers, you can copy from other traders, or you can offer your trading strategies to others. Moreover, you can even communicate with the other traders too.

Aside from these, you may also get trading signal services from the broker itself or the third party. Other features may include hedging, scalping and trading robots.            

Deposit and Withdrawals

Deposit and withdrawals are very important factors for trading activities. While the best forex broker in the world offers the easy deposit method, including multiple options, some average brokers may offer complicated deposit methods with very few options. The same goes for the withdrawal methods too. Usually, the deposit methods include bank transfer, credit, debit cards, digital money transfer etc.

For the withdrawals, you are supposed to get the same methods as the deposits. However, the main issue the traders face with the withdrawal is the time. Top forex brokers in the world offer quick withdrawals, while some brokers may take a long time to initiate and complete the withdrawal. So, you should know the methods and time before signing up with a broker.

Education and Research

Traditionally brokers did not offer any sort of education and research opportunities. However, some regulatory bodies want the best forex broker in the world to offer education and research tools for traders. Hence brokers are bound to offer these features.

The educational resource may include video, tutorials, eBooks, training and more. Brokers may also offer research tools to boost your fundamental analysis. Moreover, top forex brokers list also offers news notifications too, which they collect from the top news publishers in the world. These features eventually help the trader to understand the market movement properly.

Customer Support

Seemingly customer service might not appear important, but you will surely understand the importance if you face any sort of problem while trading. So, you should not neglect the quality of customer support. Check their availability and the connecting methods. Usually, the top forex brokers in the world offer support via phone call, email or even Real-time chat. Normally, the customer service is available 24/5, but you might also get a few brokers that offer 24/7 customer support for the valued traders.

Therefore, make sure you know everything about customer service before selecting a broker.

How do Different Types of Forex Brokers Work?

Just like the different types of forex brokers by country, different types of top forex brokers list are also available, and their working procedure is also different. Let's get to know the forex broker types and their working procedure.

Market Maker

Also known as the dealing desk works via offering fixed spreads. Besides, they also work through choosing quotes above or below the current market price at a specific time. For beginners, working with a market maker or the dealing desk broker will be the perfect choice as the traders will not need to trade with the liquidity providers directly. However, dealing desk brokers usually make money from the spreads.

No Dealing Desk Broker (NDD)

Unlike the dealing desk broker, the NDD forex broker allows the traders to access the various interbank markets directly. A self-sufficient no-dealing desk broker does not need to have support through requoting the price. Therefore, while trading with the NDD best forex broker in the world, traders can trade even after any critical economic announcement without any kind of restriction. Further, this type of broker uses low spreads, which is also not fixed at all.

Spreads are not fixed, so their value can increase sharply if there is any surge in the volatility because of any kind of economic announcement. NDD brokers mainly earn money from increasing the spread or even charge commission per trading.

STP

The good thing about STP brokers is that they can direct the trading orders to the liquidity providers. Moreover, they don't interrupt during the transaction while executing an order. Sometimes STP brokers work with numerous liquidity providers, which helps the trader to increase the success rate. However, traders should choose a broker that ensures the required services they want without any fraudulent activities. You can choose the best STP broker via our top forex brokers list.

ECN

ECN brokers offer all the available information to the users to ensure market transparency. This type of broker charges a commission for every trading a user initiate. Moreover, ECN broker allows the traders to complete all the transactions in the interbank market.

High Leverage Forex Broker 

Usually, you will not find plenty of the best forex broker in the world that offer high leverage for FX trading. As per Europe and Australian regulators, brokers can offer 1:30 leverage. But professional or institutional traders can get higher leverage than that. So, retail traders in Australia and Europe will get the benefits of high leverage.

How Does the Cent Account Broker Work?

The cent account holder can initiate trading in a small amount. Hence, the traders will not get much profit from this type of accounts as the trader’s leverage will be lower. Besides, the small amount of trading cannot increase profitability.

Zero Spread Broker

Usually, the ECN and NDD brokers offer zero spreads. Thus, you are able to access the market in raw spreads. However, the spread might vary according to the broker, and it can be as low as 0.0 pip spread. A zero spread broker is best for scalp traders as well as high-volume traders.

Top Forex Regulations by Country

  • USA- National Futures Association (NFA) & Commodity Futures Trading Commission (CFTC)

Both NFA and CFTC work as the regulatory body in the USA. It was established in 1982. However, both of these regulations are strict, and that is why you will not get to see many brokers in the USA.

  • Canada-Investment Industry Regulatory Organization of Canada (IIROC)

Although Canadian retail forex is not very popular, they have a regulatory body that was established in 2008. IIROC mainly oversees the trading activities and the investment dealers.

  • best forex broker in the world, top forex brokers list, top forex brokers in the world, forex brokers by country, biggest forex brokers in the worldUnited Kingdom- Financial Conduct Authority (FCA)

FCA regulates more than 60,000 financial services and companies in the UK and governs the forex brokers as a part of their service. FCA started its operation in 2013 as an independent regulator to make sure that the customers' fund remains safe inside the country. Nevertheless, the strict and organized FCA makes the UK one of the best countries for forex trading.

  • Australia- Australian Securities & Investment Commission (ASIC)

ASIC was created with the aim to observe the financial firms as well as the organizations in Australia. Started in 1998, AISC enforced the laws strictly for the financial, market and corporate level and aimed to build a healthy financial system. You will find many top forex brokers list in Australia, which you can use to choose the next broker.

  • New Zealand- Financial Markets Authority (FMA)

FMA is a government organization that forces financial companies to follow the rules and ensure security for the customers.

  • Singapore- Monetary Authority of Singapore (MAS)

MAS works on establishing rules for the financial institution in Singapore. It implements regulations, legislations, directions, notices and more in Singapore.

  • UAE- Dubai Financial Service Authority (DFSA), Financial Services Regulatory Authority (FSRA), Central Bank of the UAE

The DFSA is an independent regulatory organization that was built to make a financial-free zone in Dubai. Due to its easy regulatory body, for Muslims, it is the best country for forex trading.

  • South Africa- Financial Sector Conduct Authority (FSCA)

FSCA oversees the financial services and products in South Africa, including banks, insurance, retirement funds and more. The main goal of FSCA is to create market efficiency.

  • Kenya- Capital Markets Authority (CMA)

It is an independent government authority that is responsible for licensing, supervising and monitoring the financial market activities.

  • Nigeria- Central Bank of Nigeria (CBN)

The Central Bank of Nigeria works as a bank and monetary authority. It was established by the CBN act of 1958.

  • India- Securities and Exchange Board of India (SEBI)

SEBI mainly regulates and controls the Indian security market. It protects the investors and promotes regulated securities and exchange.

  • Philippines- Securities and Exchange Commission (SEC)

SEC is a government agency in the Philippines that regulates the securities industry. Additionally, also responsible for maintaining the country's company register.

  • Cyprus- Cyprus Securities and Exchange Commission (CySEC)

It is one of the top regulatory bodies in the world that regulates the top forex brokers in the world. It is an EU member state, so CySEC complies with the European MiFID.

  • Ireland- Central Bank of Ireland

First of all, it is Ireland's central bank, but it is also responsible for regulating the country's financial farms as well as the forex market.

  • Malaysia- Securities Commission of Malaysia

This organization directly works on making the rules and enforcing them for the betterment of the investors as well as the forex brokers.

  • Germany- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

BaFin is an independent federal organization in Germany that supervises the ministry of Finance all over the country.

  • France- Autorite Des Marches Fianciers (AMF)

AMF is mainly the stock market regulator in France that works keenly in safeguarding the traders as well as maintaining the financial market.

  • Austria- Financial Market Authority (FMA)

Established in 2002, FMA is the sole organization and autonomous supervising authority that checks the country's financial activities.

All of this regulatory body will help you with the forex broker list in the world.

Who are the Biggest Forex Brokers in the World?

The forex market changes continuously; hence it is hard to name one specific broker as the biggest forex brokers in the world. Therefore, we have researched to find out the largest forex brokers in the world. As per the average daily transaction, Forex.com is the largest, with 15.5 billion trading per day. Besides, the XM group is the second biggest forex brokers in the world, with 13.4 billion trading. However, we have found that the Saxo Banks trades $12.3 billion USD on average.

Choosing the Best Forex Broker for Beginners by Country

Many brokers and organizations offer cross-border trading. Hence, many of the traders might be interested in trading in other countries. But we will suggest trading inside the country initially. Hence the beginners need to know the ways to choose the best forex brokers by the country. However, it will be time-consuming, and hence you can check our forex broker list by country and pick any of those as we have listed the broker as per the expert forex brokers reviews.

Reputation of Top Forex Brokers in the World Matters

A broker's reputation is one of the important factors while choosing the forex brokers by country. However, a good reputation may not mean that the broker is authentic. It may happen that the broker sponsored the reviews. Either you will have to do your own research to check the reputation of the best forex broker in the world, or you can check our detailed reviews on different brokers.

However, if you want to do your research, you should look at some features or criteria, such as-.

  • Website: If you see the broker's website is too flashy, it has the possibility that it is not regulated and wants to attract the traders with the overly persuasive design. You can check the about us page to know about them as well as look for the license number on the website.

However, it is just an assumption from our experience, and you may see some rare cases too. So, instead of getting attracted to flashy design, check the license number and regulatory status.

  • Trading: The brokers from the top forex brokers list should let the trader trade their own trading. If a broker limits ten trading abilities and doesn't offer the trader to trade, it is a big red flag for the investors.
  • Illegal Actions: Some actions are illegal in forex, for example, hunting and sniping. However, no one can know about them unless they use them. Thus, you should talk with the other traders about that specific broker to find that out.
  • Criminal Activity: Find out from different forums, reviews or the traders about the broker's past activity. Check if the broker has any criminal record such as money laundering, corruption, etc. If the broker did any kind of illegal activity before, you should avoid the broker.
Choosing the Best Forex Broker in the World for Advanced Traders

Although advanced traders should know the criteria to choose a broker from the top 100 forex brokers in the world or even the top 20 forex brokers in the world still, we want to mention a few top criteria.

  • First of all, know your needs as an advanced trader before you look for the best forex broker in the world. You may determine your needs as a passive investor, trading goal, the type of forex trade you want to execute and more.
  • Next, you can narrow the field by specifying your trading activity. Further, you can look at the list of the biggest forex brokers in the world to narrow down the field.
  • Check how secured the broker is? Is the broker good enough to secure your big investment?
  • Compare the account offering with your past broker or the current best broker in the world you are trading with.
  • Compare the fees too. In this case, you should compare the overall offerings too so that you can actually measure the fees.
  • Test the platform by opening a demo account. This will get you an idea of the broker that offers the best forex trading platform in the world.
  • While accessing the platform, check the advanced charting feature too.

Which Countries are Best for Forex Trading?

This is a critical question as the definition of the 'best country' depends on individuals' choices and requirements. So, we are not going to name a particular country particularly. But we will mention some criteria and compare some counties.

The criteria:

  • Should offer easy access to forex trading as well as opening the trading accounts.
  • The country is supposed to offer a stable internet connection as without a good internet service; you may face significant loss even if you do your best in trading.
  • If the country is sufficient with the recent technology, it can enhance the trading experience and let you use the speedy servers.
  • The country with easy payment access as well as the presence of all types of payment will certainly be eligible to stay in the best forex broker list in the world.
  • A solid financial technology should be available too.
  • Finally, the country should put any sort of restriction on forex trading.

So, considering these factors, European countries will be a great option to find the best forex trading platform in the world. Additionally, Australia is also a good choice to find the top forex brokers list.

Which Country Trades Forex the Most?

With the expansion of the internet, forex traders are increasing exponentially. For example, in 1995, there was 1.2 trillion trading volume in the world while it increased to 5.1 trillion in 2016, and now the amount is 6.6 trillion. So, can you imagine the total number of traders available worldwide?

Approximately 9.6 million registered traders are available in the world, which means "1 in every 781 people." However, new traders are joining every day.

UK people are involved with forex trading most. As per the "Office of National Statistics 2017," there are 280,000 UK traders, which is significantly higher than any other European country. However, if we consider the regions, North American has 1.5 million traders while Europe also has the same number of traders. With 3.2 million, the most traders are available in Asia.

In Which Countries Forex Trading is Illegal?

While the world is getting smarter, some countries still hold back on online trading due to several reasons. Money laundering and security is the season to ban forex in some countries. Following countries don't allow forex trading.

Country NameStatus
BelgiumIllegal
PakistanIllegal
MalaysiaIllegal
Bosnia HerzegovinaIllegal
IsraelIllegal
North KoreaIllegal
FranceIllegal

In Which Countries Forex Trading is Restricted?

Unlike the above-mentioned countries, some countries take a different approach. There are few countries that allow Forex trading but with some restrictions from the government. These countries set a limit on transferring the money to a forex trading account. Further, the country also provides a detailed guideline on what to trade or how to trade. Sometimes countries put restrictions due to anti-money laundering laws. Following countries restricted forex trading.

Country NameStatus
ChinaRestricted
EgyptRestricted
NigeriaRestricted
South AfricaRestricted
RussiaRestricted
UkraineRestricted

What are the Best Countries for Forex Trading?

Apart from the above-mentioned countries, almost all other countries allow forex trading legally. But there are some countries with a list of the best forex broker in the world. We have added the brokers from these countries to make our top forex brokers list. Those countries are-

Country NameStatus
AustraliaLegal
BulgariaLegal
CanadaLegal
CyprusLegal
GermanyLegal
IndonesiaLegal
ItalyLegal
JapanLegal
MaltaLegal
RomaniaLegal
SwitzerlandLegal
United KingdomLegal
United StatesLegal
European Union(EU)Legal

Best Forex Trading Platform in the World

When you trade with the best forex broker in the world, you will surely experience some trading platforms. However, not all platforms are great, especially if the platform doesn't have enough users. That being said, MetaTrader 4 and MetaTrader 5 are the most popular platforms in the world. Almost all the top forex brokers in the world offer these two trading platforms.

The MT4 and MT5 come with some advanced features such as one-click trading, more than 50 indicators, 9 different time frames, pending and limit order features, multi charting and more. These features make a trader's life easier. Therefore, it can be said that MT4 and MT5 are the best forex trading platform in the world. 

Best Forex Broker in the World that Offers Most CFDs

A CFD trading takes place between the two parties, the buyer and the seller. Therefore, the seller usually pays the difference to the buyer. It is calculated through the difference between the present value of an asset and the value of the asset when the contract is due. Nonetheless, there will be no physical involvement in the CFD trading.

There are many CFDs available in the market. Not all brokers offer the maximum number of CFDs. Hence, you may wonder who is the best forex broker in the world for CFD trading? There is no straight answer to this question as the market always changes. But there are few CFD brokers that are pretty consistent such as FP Markets, FXPro, IC Markers, XM, HotForex, etc.

Best Forex Broker in the World with Most Currency Pairs

In the forex trading world, there are many currency pairs available for trading. However, not all the pairs are as valuable as the major pairs. Hence, most of the best forex broker in the world don't offer all the currency pairs as the traders tend to trade the common pairs that have a huge chance to make a profit.

On the other hand, there are some brokers who think out of the box and try to trade some uncommon currency pairs. And some best forex broker in the world offer the maximum number of pairs.

Can You Trade Forex Without a Broker?

It is debatable, but the answer is simple if you think technically. If it is only online forex trading, you cannot trade forex without a broker. It is because you will need a platform that allows you to trade forex. Now the question is, how do you access the forex platform?

Obviously, with the help of a broker! Forex brokers work as a bridge between the traders and the platform. Hence, there is no alternative to the broker while you are trading online.

In contrast, if you are talking about trading in cash, you don't need a broker. For example, if you do money exchange in the airport, that is also a kind of forex trading in terms of exchanging the currency. But this is not the real forex trading we are talking about.

Is there any No Commission Forex Broker Available?

Yes. You will find plenty of 'No Commission' forex brokers. But that doesn't mean that brokers don't make any profit from the traders. You will not find any broker that doesn't make any money from the traders. In no commission cases, brokers make money via alternative ways such as spreads and leverage.

Risk in Forex Trading

Forex trading is a highly risky business as the market keeps changing. Even though you trade with the best forex trading platform in the world, you cannot avoid risks. Some common risks associated with forex is-

  • Leverage Risks: Usually, the leverage needs a small primary investment, which is known as margin. A tiny price fluctuation may result in a margin call that forces the investor to pay an extra margin. If the market is volatile, aggressive leverage can cause substantial losses.
  • Transaction Risks: It defines the exchange rate risk between the beginning price and the settlement price.
  • Interest Rate Risks: If the interest rate of a country increases, the currency of that country will be stronger. Therefore, it will get you higher returns.
  • Country Risk: The structure and stability of a country directly affect trading. In many developing countries, the exchange rate fluctuates from time to time. Hence, those currencies are risky.

Final Words

When you are in search of the forex broker list by country, you certainly need to know the ways to find the best forex broker in the world from different countries. We have highlighted all the relevant things you need to choose the best broker as well as the forex trading platforms. This guideline will come in handy if you follow everything step by step.

Moreover, we have enlisted forex brokers by country, which will surely help you to find the desired broker from a specific country. You can also check the forex broker reviews of your intended broker. Thus, you can consider this guideline as your one-stop solution for searing the largest forex brokers in the world.

 

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